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The Everything Bitcoin Thread


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13 hours ago, Grapefruits said:

I remember as well.  I blew it off when I first heard about it. Didn't care to take the time and learn about it. Figured it was a scam. Didn't help that the media reporting it at the time had a very negative view of it.  Didn't really get into it when this thread was made.

By the time the media found out about it and was reporting on it, it was barely profitable to mine any longer unless you had access to very very cheap electricity and had 5 figures to p1ss away on a personal mining rig.  Bitcoin had already been out for a few years.  By then it was already turning into a buy/sell for profit model.  I still think that with so few people owning the large majority of the Bitcoin market it will at some point cause a crash if/when they start selling large chunks off.  How Bitcoin performs after that happens will be a huge factor in determining the future of cryptocurrency.

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7 hours ago, SabreFan1 said:

By the time the media found out about it and was reporting on it, it was barely profitable to mine any longer unless you had access to very very cheap electricity and had 5 figures to p1ss away on a personal mining rig.  Bitcoin had already been out for a few years.  By then it was already turning into a buy/sell for profit model.  I still think that with so few people owning the large majority of the Bitcoin market it will at some point cause a crash if/when they start selling large chunks off.  How Bitcoin performs after that happens will be a huge factor in determining the future of cryptocurrency.

The first time I saw media reporting on it was about a year before it hit the $1000 mark.   So it was definitely profitable at that time. You are somewhat right about mining when the media took a good hard look at it, but there were still ways to get Bitcoin through the mining process with a decent ROI.  Even now the re-sale market for miners is crazy.  People are still willing to spend a lot of money on miners that are long outdated.  I ended up selling all mine except for one of the original USB ones I used. Likely should have just got into buying and selling but I liked the concept of mining and the challenge of doing it.  I'm not all that computer literate.

 

The majority came from trading. Though I was always paranoid about trading on the exchanges until I came across Carvirtex, now Kraken.  You're likely right about it crashing if those people start cashing all their coins in for money.  I can't see the exchanges being able to cover it all.  Only time will tell. 

 

I also own a bunch of  Litecoin which I bought with money when it was trading around $6 bucks.

 

Wish I would have got on the Ethereum train. Trading at $220 now. Was trading at $8 bucks at the beginning of the year.

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3 hours ago, Scottish⑦Canuck said:

Anyone invested in Golem (GNT)?

small amount, yeah. not really sure what's up with this coin (token). hasn't moved much at all lately. some people really seem frustrated with it, but the group's goal seems to make sense on paper so i'm still holding my small pile (200 or so)

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On 6/22/2017 at 4:26 AM, SabreFan1 said:

Had anybody here had an automatic buy-in of $400 set for when Ethereum quickly dropped to 10 cents, they'd be a millionaire right now.

 

http://www.cnbc.com/2017/06/22/ethereum-price-crash-10-cents-gdax-exchange-after-multimillion-dollar-trade.html

I imagine puts and calls are really expensive for cryto currencies given their volatility no? 

(i know little about this kind of stuff) 

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can't believe the level of panic selling and FUD bullsh-t going on the last few days. i wish i had more money to spend, because i would be buying up eth and a few sh-tcoins like absolute mad right now. even bitcoin itself is taking a hit

 

anyone who thinks the jig is up for cyrpto is a total moron. NOTHING has changed in the foundation for these coins. eth has had a few problems over the last couple of weeks (clogged orders, gas limits), but all of this stuff is, or will be, worked on asap. all of the foundations are still there. all the news and corporate and global interest is GROWING

 

but nope. weak handed normies hand all their money to garbage ICOs, lose profit, and start spreading panic. unbelievable.

 

i bet if new ETH buyers didn't give the weak ICOs all their millions of tokens then ETH would be sitting at $600 right now

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5 minutes ago, themcdeal said:

I imagine puts and calls are really expensive for cryto currencies given their volatility no? 

(i know little about this kind of stuff) 

The fees depend on who you use to broker your deals.

 

Thousands of people had sell orders trigger right after someone dumped millions worth of eth on one of the sites.  A whole lot of people lost thousands of dollars because their sell orders didn't get through until the price had plummeted.  Anybody who had buy orders in at ridiculously low prices made an absolute killing once the market rebounded that day.

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